The political world has failed to captivate bitcoin’s meteoric rise in the financial world. For the most part, Washington remains ignorant of cryptocurrencies and blockchain technology. Soon it might change by Brain Forde running for Congress in California.
The cryptocurrency community is rallying behind Brian Forde, who wants to represent California’s 45th congressional district in Congress.
The 37-year old Democrat, who is a former digital currency director at the MIT’s Media Lab, is likely to call for a positive regulation of cryptocurrencies given is an emphasis on his technology experience.
“Tech is one of the fastest-growing economic sectors in the district. In addition to our fair share of unicorns—from Broadcom to Blizzard Entertainment—Amazon, Google, and others have offices here, too.”
Forde has won admiration from the crypto community impressed by his huge knowledge and support for the cryptocurrency. However, many crypto investors and enthusiasts including Cameron and Tyler Winklevoss, Mike Novogratz, and Pete Briger support him.
Additionally, he previously talked of his desire to see the government strike a balance between consumer protection and regulatory flexibility. This would ensure that regulations do not lead to migration of the nascent industry to other countries.
“You have to protect consumer rights and consumer safety. But we also need to allow for innovation. You want to create ‘regulatory sandboxes’ for these emerging technologies to grow. My concern is that when you apply strict regulations to small startups, they’ll be forcing to apply so many resources to compliance that they won’t have the resources to build and innovate.”
He has also received donations in the form of cryptocurrencies. This pushed him to raise more money in the fourth quarter of 2017 than any other candidate in the race.
He was an adviser to the Obama administration and worked with the office to solve different problems using technology. He also has good technology background apart from cryptocurrencies. His first small business was Cyberfrog Technologies started while in high school. It helped different firms to build their IT and web infrastructure.
He is also co-founder of a national phone company said to have cut down the cost of international phone calls by 90%.
May help reduce crypto resistance and skepticism
The crypto community hopes that he pushes the crypto agenda in a time when there is a lot of enthusiasm and interest among the public. However, there is also some ignorance, resistance, and skepticism from some circles including from some regulators.
Jerry Brito, executive director of Coin Center Inc., a nonprofit focusing on public policy issues involving cryptocurrency. He says he has been working with regulators on the issue of cryptocurrencies. Although there is an increase in level of awareness and curiosity, there is some level of ignorance among regulators about cryptocurrencies. This may affect what happens to cryptocurrency industry, he said.